Ask an Expert: 5 Reasons to Have the College Budget Talk Now
Talking about money and college can feel uncomfortable, so a lot of families put it off. But having the budget conversation early is so much better than trying to fix things later. Here are five solid reasons to sit down and have that talk now.
1. Avoid heartbreak later
When students get their heart set on a college that ends up being way out of budget, it can be a painful reality check. Starting the conversation early helps set clear expectations before emotions are involved.
2. Build a realistic college list
Knowing your financial situation ahead of time makes it easier to create a list that fits. That does not mean giving up on dream schools. It means approaching those schools with a clear plan, like searching for strong financial aid or scholarship options.
3. Motivate early scholarship action
A lot of students wait until late senior year to start applying for scholarships, which is way too late for many big ones. If the money conversation happens earlier, students are more likely to start applying in 10th or 11th grade and stack up serious savings.
4. Use tools to estimate aid
You can visit studentaid.gov and use the FAFSA estimator. By entering your basic tax info, you can get a rough idea of how much financial aid your student might qualify for. That helps guide both planning and conversations.
5. Teach financial decision-making
This is not just about paying for college. It is also a chance to start teaching your student how to think about money, loans, and the long-term impact of financial choices.
Let’s hear from you!
Has your family already had the budget talk? If so, how did it go? If not, what’s holding you back? Drop your thoughts in the comments, and if you have questions about how to get started, we are here to help.